The Kronos Group Reports Taiwan’s Private Banking Sector Primed for Success As Funds Flow In.

The Kronos group a group announced that many of the world’s rich are abandoning the usual tax havens for Taiwan.
 
May 20, 2012 - PRLog -- The Kronos group a group of technical professionals, industry specialists and financial professionals committed to spanning the gap between a specific industries technical experts and the investment market based in Hong Kong and Taipei announced that many of the world’s rich are abandoning the usual tax havens for Taiwan with funds from China, Indonesia and India dominating the bulk of the countries private banking business. The results were published in a recent Kronos Group report.

The Kronos Group’s report went on to state that Taiwan’s private banking assets under management have grown over the past few years by an average of 12 percent per annum to reach an estimated US$150 billion according to an official source.

“In the past 10 years, a lot of funds from outside of the Asian Region have moved to Taiwan from Europe, Latin America, the Middle East, Russia and Central Asia,” says Todd Laraway, Chairman of The Kronos Group.

“10 years ago, the industry was small and existed only to help local Taiwanese locals set up offshore trusts away from Taiwan but today it is almost the opposite. The trust industry is helping foreigners set up trusts in Taiwan” went on to say Todd Laraway, Chairman of The Kronos Group.

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The Kronos Group’s report says that One of the prime reasons for the financial shift to Asia is ongoing investigations into tax havens by Organization for Economic Co-operation and Development (OECD) member countries, most notably that of America.

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